The engagement partner on Semangat's audit happened to be the founder, Alan Mok. Sam took the courage to inform Alan what he had noted during the audit of Semangat. To his surprise, Alan simply said that the matter is not material and could be easily ignored. In order to please Sam, Alan casually said that he would include the said matter in the written representations letter in relation to ISA 580. Three months later, Sam checked the completed working paper files, in particular, the letter of representation. He noticed that, there was no mention on the said matter at all. When Sam asked Alan, he casually replied "Oh dear! I must have forgotten. In future, I must make a habit to write things down. Well nothing we can be done about it now." When Benjamin read about Sam's concern related to this matter, he spoke to Sam directly. He (Benjamin) realised that there was an ethical issue. Benjamin was of the opinion that the matter. should have been disclosed as a related party transaction. However the situation was a bit sticky since Alan Mok is Benja min's boss and close friend. Required: Draft a letter to Benjamin to address the matter(s). In your letter you should: (a) Discuss the relevant fundamental ethical principle(s) and its importance in the context of the above scenario. (Refer to the relevant section of MIA by laws.) (8 marks) (b) (d) Critically discuss THREE (3) matters issues related to ethical principles and other professional issues as noted by Sam in relation to audit of Semangat Sdn Bhd. (12 marks) Propose THREE (3) options available to Benjamin with regards to his ethical dilemma For each option, discuss its implication (12 marks) Discuss the potential issues related to pre agreed audit fees and other professional services offered by Mok & Co to Semangat Sdn Bhd. (6 marks)